Highlands Natural Resources Regulatory News (HNR)

3 Feb 2006 07:00

Hardman Resources Limited02 February 2006 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 3 February 2006 AUSTRALIAN CONTACT: Simon Potter Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: NOTIFICATION OF DISPUTE Woodside, as Operator of Production Sharing Contracts A, B, C2 and C6, hasinformed Hardman that the Mauritanian Government advises that it disputesamendments to these four offshore Production Sharing Contracts. These amendments, which are supplementary clarifications to the ProductionSharing Contracts, were negotiated by Woodside on behalf of the Joint Ventureswith the Ministry of Energy and Petroleum and were approved by the previousMauritanian Government. They were passed into law in 2005 and as such areentirely valid. Woodside, on behalf of the Joint Ventures is in discussion with the MauritanianGovernment to explore ways of resolving the dispute. If the dispute cannot beresolved through such discussion, then the parties have the option to seekarbitration under the contract terms. The dispute does not affect the Chinguetti project which remains on schedule toproduce first oil in the coming weeks. Other Participants in the Chinguetti Joint Venture and the four offshoreProduction Sharing Contracts comprise Woodside (Operator), BG, Premier, ROC Oil,Fusion, Petronas, Dana Petroleum, Energy Africa and the Government-owned SocieteMauritanienne des Hydrocarbures. SIMON POTTERMANAGING DIRECTOR This information is provided by RNS The company news service from the London Stock Exchange